On October 6, 2020 ICICI Bank in partnership with Visa introduced a debit card facility for customers who avail Loan Against Securities (LAS) from the bank. The card is available on the Visa platform. With this introduction, ICICI bank becomes the 1st bank in India to launch this facility after the Reserve Bank of India (RBI) allowed banks to issue electronic(e) cards to customers availing an Overdraft (OD) facility, that are only in the nature of personal loan with no specific end-use restriction.
Note– New customer who avail LAS will be issued a Debit cardÂ
Features of the debit card
Usage– Customers can use the card in all domestic merchant establishments to make seamless Point of Sale(POS) and online transactions, using their sanctioned LAS amount.
Automatic Renewal– Upon renewal of the LAS account, the card will be renewed automatically.
Maximum transaction limit– Rs. 3 lakh is the maximum daily transaction limit each for POS and online transactions.
Digital Debit Card– Digital debit card is provided to the customers within a business day of availing LAS. It can be accessed on iMobile app(bank’s app)
Physical Card– Within 7 business days they will also get the physical card. This card will be provided to the existing customer shortly.
RBI Allows Banks to Issue Electronic Cards to Overdraft A/C Customers
On April 23, 2020 Reserve Bank of India (RBI) has permitted banks to issue electronic cards to Overdraft A/C Customers.
Key Info
i.The card will be issued for a period not exceeding the facility’s validity and will also be subject to the regular rights of the banks as lenders.Â
ii.The card will be used only for domestic transactions.
iii.Restriction on cash transaction is not applicable to overdraft facility provided with Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts.
Click here to know more about Electronic Cards for Overdraft Accounts
Recent Related News:
i.ICICI Bank uses satellite data(imagery from Earth observation satellites) to assess credit worthiness of farmers. ICICI Bank has become the 1st bank in India to use such a technique to measure an array of parameters related to the land, irrigation and crop patterns and use it in combination with demographic and financial parameters to make quick lending decisions for farmers.
ii.On June 15, 2020 ICICI Bank has launched ‘Insta Flexicash’, an online overdraft(OD) facility for its pre approved salary account customers, by which these customers can get approval for OD instantly & in a paperless manner. The end-to-end fully digital facility can be accessed with no documentation, using the Bank’s internet banking platform without visiting a bank branch.
About ICICI Bank:
Headquarters– Mumbai, Maharashtra
MD & CEO– Sandeep Bakhshi
Tagline– Hum Hai Na, Khayal Apka
